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$OP Still Bearish but Looking Like a Potential Bottom Forming
Price has been grinding lower for a while, but lately it's consolidating right near the lower Bollinger Band. Volume on these down moves is shrinking, which usually means the bears are losing steam – not the aggressive selling we saw earlier.
Capital flows are still net negative across the board (-5M+ USDT in 24h), but the outflows in the last 30m/1h are way smaller compared to before. Feels like selling might be exhausting itself.
From the charts: we've had a nice downtrend from the 0.81 area, now forming what looks like a potential base around 0.25-0.27. Multiple candles with long lower wicks testing that 0.25 support, plus volume drying up – classic signs of seller fatigue.
*My take
$OP (counter-trend bounce only – still cautious):*
- Direction: Thinking a short-term long play if it holds here.
- Entry: Around 0.250-0.260 (maybe scale in near the 24h low).
- Stop-loss: 0.242
- Targets: First 0.285, then 0.296 if it gets momentum.
RSI, KDJ, %B all screaming oversold, and I'm seeing some bullish
$OP divergence on shorter frames.
Not calling a full reversal yet – bigger trend is still down – but this setup screams "possible bounce" to me. Anyone else watching OP for a rebound or do you think it breaks lower?
#OP #opusdt #Optimism